In the past, power drills have been used to produce holes in a work piece. Also, in the past, accessories known as nose pieces have been used with power drills to fasten the drill into a drill jig or similar positioning device so that a hole produced would be properly positioned on the work piece. Also, nose pieces served to protect the drill bit from damage and to provide a conduit to carry coolant to the drill bit and to the point on the work piece drilled. In the past, however, when it was necessary to change the length of the drill bit being used, a specific nose piece was required because there was no nose piece with an adjustable length dimension available. Thus, it was necessary to keep a tool inventory which included a nose piece for each drill bit length. Additionally, the radial relationship between the nose piece coolant port and the work piece being drilled could only be changed by disassembling the drill and nose piece and reassembling them by shimming between nose piece and power drill to achieve correct positioning of coolant port position with respect to work piece. Shimming process is continued until proper positioning is achieved. This requires that an inventory of specially designed shims be carried. Such a method is time consuming and costly because of the large tool inventory required for each drill and drill bit, especially when changing drill bits after drilling every few holes. Thus, it can readily be seen that the prior art nose piece accessories available for use with power drills do not deal with the problems of length and angular adjustment of the accessory with respect to the drill bit and with respect to the part being drilled.